Oracle Platform Switchboard has become the first cryptocurrency startup to launch a Jito node consensus network.

On-chain oracle provider Announce On January 16, the first ghetto was launched (JTO) Node consensus network on Solana (Sol) Main network.

NCN works similarly to an Actively Validated Service, or AVS, on Ethereum (Ethereum), which means that Switchboard has access to a network of node operators on Jito. These node operators help relay on-chain data and secure the network through a staking mechanism.

Geto, the top Staking the questioner The Solana Protocol allows network participants to leverage staked assets such as JitoSOL for rewards and security.

The platform currently contains more than $3.09 billion of total value unlocked. Meanwhile, the Solana ecosystem has nearly $70 billion worth of SOL that users can recover. According to Switchboard, these assets not only contribute to network security, but also help reduce costs.

With Jito NCNs, stakeholders can leverage collateral such as JitoSOL, which can be redeployed to generate new production opportunities. In addition to stakeholders, developers and protocols using Switchboard can leverage a secure, decentralized network to build and deploy decentralized applications.

Switch panel It raised $7.5 million In a Series A funding round in May 2024, with venture capital firms Tribe Capital and RockawayX. The round also attracted support from the Solana Foundation, Aptos and StarkWare. Other backers of the startup include Mysten Labs, InfStones Global, and Lemniscap, among others.